Have you recently entered the mutual fund industry and are struggling with the different procedures? If yes, this article will resonate with you.
Undoubtedly, investing in mutual funds has become easier than before due to more awareness and technological advancement. However, it can be tricky to register complaints and get them resolved as different fund houses follow different procedures. Therefore, the mutual fund industry has come together to launch a new mutual fund platform called MF Central to deliver an elevated experience to the investors. Let’s dive deeper to learn more about this new service.
What is MF Central?
MF Central is a collaborative initiative by KFin Technologies (KFintech) and Computer Age Management Services (CAMS) to enhance MF investors’ service experience. This one-of-a-kind digital platform is a mutual fund transaction portal that can fetch all your investments in a consolidated list. Simply put, it brings the entire mutual fund industry under one roof for the investor.
Here are a few features of MF Central:
- Unlike a regular online portal, MF Central doesn’t require you to open an account or fill up forms and perform KYC formalities.
- All you have to do is enter your Permanent Account Number (PAN) and mobile number to get your investment details.
- You can update your email address or phone number in any existing MF folio.
- You can initiate a transmission request in case a loved one has passed away and bequeathed mutual fund units to you.
- MF Central will be gradually launched in 3 different phases.
- Currently, the first phase has been launched that will allow you to make non-financial transactions and provide a single view of your investment portfolio, a consolidated account statement (CAS), and unclaimed dividends.
- Phase 2 will introduce a mobile application, and phase 3 will allow you to buy and sell mutual fund units.
- Later, the distributors will also be able to log in and execute your transactions for you.
What is the objective of the platform?
In July 2021, the Securities and Exchange Board of India (SEBI) asked the Mutual fund Registrar and Transfer Agents (RTAs) to develop a common user-friendly platform for mutual fund transactions. Cut to 23rd September 2021, RTAs, KFintech and CAMS launched the MF Central platform. The aim was to make mutual fund transactions more convenient and simplify the experience for investors.
Moreover, MF Central can help investors file complaints or initiate service requests with any fund house, transfer agent or SEBI easily. The platform will also keep a record of your pending complaints that are not resolved yet.
Once all the phases are complete, you will be able to make all financial and non-financial transactions from a single platform and save time, effort, and paperwork!
Additional Read: What Are the Advantages of Investing in Mutual Funds?
In a nutshell
Ultimately, SEBI expects that MF Central will help achieve better growth and penetration of the mutual fund industry. If you are ready to invest your hard-earned money in mutual funds, download the Moneyfy app by Tata Capital. With Moneyfy, your MF journey will become hassle-free and rewarding as you can compare and invest in different funds from the comfort of your home!